Used primarily as a key intermediate in the synthesis of pharmaceuticals and agrochemicals. Its structure supports the development of biologically active compounds, particularly in the creation of plant growth regulators and insecticides. It is also employed in the production of specialty dyes and functional materials due to its conjugated ring system, which can enhance light absorption and stability. In research, it serves as a building block for novel organic compounds in medicinal chemistry, especially in routes requiring fused ring systems with ketone functionality.